Jack Dorsey, co-founder and chief executive officer of Twitter Inc. and Square Inc., speaks during the Bitcoin 2021 conference in Miami, Florida, U.S., on Friday, June 4, 2021.
Eva Marie Uzcategui | Bloomberg | Getty Images
Block said Thursday it’s laying off more than 4,000 employees, or about half of its headcount. The stock skyrocketed more than 24% in extended trading.
“Today we shared a difficult decision with our team,” Jack Dorsey, Block’s co-founder and CEO, wrote in a letter to shareholders. “We’re reducing Block by nearly half, from over 10,000 people to just under 6,000, which means that over 4,000 people are being asked to leave or entering into consultation.”
Block CFO Amrita Ahuja said the job cuts will position the company “for our next phase of long term growth.”
“We are choosing to shift how we operate at a time when our business is accelerating and we see an opportunity to move faster with smaller, highly talented teams using AI to automate more work,” Ahuja wrote.
Block had 10,205 employees worldwide as of Dec. 31, 2025, according to its annual filing.
The payments company announced the layoffs in conjunction with its fourth quarter earnings results.
Block reported adjusted earnings per share of 65 cents on revenue of $6.25 billion, while analysts estimated 65 cents per share and $6.24 billion, according to LSEG.
For the full year, the company said it sees adjusted earnings per share of $3.66. Analysts anticipated $3.22 per share, according to LSEG.
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